The Black Sea 20/21 round-up: Good wheat crop and exports despite a disappointing start

Black Sea wheat yields were about 30% below the prior year at the start of the 2020 harvest after a dry spring. Ukrainian yields recovered toward last year's levels, but Russian yields stayed historically low.

Consensus now puts Russia's crop at 82-84 MMT, and USDA raised its forecast by 5 MMT to 83 MMT.